Santander, which currently has an agreement with LC to purchase up to 25% of LC's total loan originations, announced today in their quarterly earnings report that they will be completely exiting the personal lending business and putting all their existing personal loan assets up for sale.
The 25% was a cap, not a target, and I'm not sure if LC had disclosed the % that Santander actually purchased. Presumably, all of the loans purchased by Santander had been purchased in the whole-loan market.
What this means for us it seems, is that up to 25% of LC's total loan originations, which had previously not been offered on the regular platform, will now be offered on the platform and will
be available to individual investors.